A new fintech company which I was introduced to earlier this year. Currensea Card For Partner…
It has actually won a few awards over recent months for what it does (offering you a low-cost method to spend abroad) but what I like about is that it is easy as hell. This is an advantage.
is, successfully, a direct debit travel card. It is a Mastercard which sits between you and your existing bank account. There is nothing to top-up or prepay. You merely spend as you would on a regular debit card and the money is taken from your current account– just without the typical 3% cost.
Oh, and is complimentary to request, which likewise helps.
There are also some interesting travel benefits if you select a paid plan, but the free plan works fine. You can use here.
There is a company model in fintech which Curve, Revolut, Monzo and so on have actually all followed:
launch by doing one thing well, and free of charge or more affordable than the competitors
add more and more features which your existing clients don’t really require or desire
include charges, charges or constraints to the feature that made individuals get your item in the first place, getting rid of any competitive advantage
is currently still in Phase 1 of this process and will ideally remain there. Revolut, curve and monzo are currently in Phase 3 …
is simple enough that it passes my ‘Can you explain it to your mate in the pub in 30 seconds?’ test:
What countries can I use Currensea? Currensea Card For Partner
It is a complimentary direct debit card to use abroad and which instantly recharges all purchases to your existing current account in Sterling, less a little 0.5% charge.
You don’t (yet …) make any airline miles or points for using it.
Why would I wish to get a card?
If you have a credit card offering 0% forex fees, then you do not need a card, unless you want free ATM withdrawals. You can stop reading now.
Credit cards which provide rewards and charge 0% FX fees are couple of and far in between. The only ‘points and miles’ choices which use a partial solution are the Virgin Atlantic charge card which have 0% FX charges in the Euro zone.
IS perhaps for you if:
you do not have a charge card offering 0% FX charges and do not want to affect your credit report by getting another credit card specifically to use abroad
you desire an item which permits you to make , 500 of foreign currency ATM withdrawals per month without any costs and only a minimal FX mark-up (there is a little fee beyond , 500).
you desire an item for you, your adult kids, parents, partner or anyone else in your life who needs a simple, easy to understand payment card that will conserve them money when taking a trip.
How does operate in practice?
It is, as I stated previously, an extremely easy process. You use your Currensea card in the same way as your existing debit card.
You make your purchase in regional currency (any currency, globally).
Your bank account bank immediately validates that you have sufficient money in your account and authorises the transaction.
The deal goes through at either the interbank rate or the Mastercard rate, depending on the currency. If you have the free card, adds a 0.5% cost. There are no costs if you have one of their paid cards.
You get an automated spend notice by means of the app, if you choose to install it.
The money is drawn from your current account a couple of days later on.
Here is an example. Without any foreign travel in the journal, I chose to splash out and purchase 1,000 MeliaRewards points for EUR5.
This is what you see in the Currensea app, which reveals , 4.33 set up to leave my HSBC account a couple of days later on:.
But converting pounds was pricey.
A pet peeve of mine is when ATMs forewarn you about the daytime robbery that is just about to take place (frequently in a various language) while not telling you about the inflated currency conversion costs happening in the background. Don’t get me began. Anyhow back to the positives for a bit anyway.
In current years a handful of terrific travel debit cards have actually popped onto the scene … and like other excellent cards Currensea guarantees big cost savings (85%) and an excellent app.
But I think the very best bit might be what no other card does: links to your existing high street checking account.
What this means is you can invest money you have in your existing current account with less worry about running out of money and the additional step. That does not indicate it is ideal.
In this Currensea review is the excellent, the bad, the ugly and the options, so that you can decide.
While our premium plans have no FX markup, we charge a small FX markup on our Essential Strategy of 0.5% per transaction, enabling us to make profits from our Essential Strategy whilst remaining much cheaper than other prepaid cards and high-street debit cards. We likewise charge an FX markup on ATM use over the complimentary quantity on all our strategies, full details can be discovered on our rates strategies.
We charge an annual subscription cost of , 25 for our Premium Strategy, and , 120 for our Elite Strategy. The membership charge likewise gets rid of all FX markup on deals.
Every time you spend with your card we get a little % of the deal, called interchange, this comes straight from the merchant and won’t be charged to you. Currensea Card For Partner